HMRC recently released its Guidelines for Compliance, which it considers will help businesses establish an appropriate tax control framework. The aim is to eliminate errors as much as possible.
In the UK HMRC has recently released its Guidelines for Compliance which outlines expectations and suggested good practice in respect of VAT accounting and VAT compliance processes
Public
Other countries
Author: Ivana Picajkić
Category:
Fiscal subject related
General information
Views:
635
Content accuracy validation date:
13.11.2024
Content accuracy validation time:
09:10h
The HMRC guidelines provide comprehensive recommendations for VAT compliance, emphasizing the importance of a well-documented process to manage key risk areas. A primary goal is to help businesses strengthen their VAT processes, thereby minimizing errors and reducing the risk of VAT assessments, interest, and penalties.
Guidelines cover sales processes, purchase processes, employee expenses, accounting system configuration, VAT reporting, manual adjustments, outsourcing, and correcting errors.
What are the key Recommendations?
- Documented VAT Compliance: Businesses should establish clear VAT compliance procedures that outline employee roles and responsibilities, including any outsourcing to third parties,
- Risk Management: The guidelines encourage regular reviews of VAT processes to identify and address weaknesses,
- Collaboration: Effective VAT compliance requires cooperation across different business areas to align objectives and reduce errors.
By following these guidelines, businesses can improve their VAT practices and mitigate potential compliance issues.
Here is the link with the Guidelines:
https://www.saffery.com/insights/publications/vat-update-october-2024/
Other news from Other countries
Singapore: Mandatory InvoiceNow E-Invoicing for GST Registrants Starts November 2025
Public
Other countries
Author: Ljubica Blagojević
Other countries
Author: Ljubica Blagojević
Singapore’s InvoiceNow, a Peppol-based e-invoicing framework, enables structured invoice exchange and real-time reporting to IRAS, improving compliance, efficiency, and payment cycles. The rollout starts 1 May 2025 (voluntary), becomes mandatory for new voluntary GST registrants from 1 Nov 2025, and for all voluntary registrants from 1 Apr 2026, with later expansion to all GST-registered businesse... Read more
Chile Set to Enforce New VAT Rules for Platforms
Public
Other countries
Author: Ema Stamenković
Other countries
Author: Ema Stamenković
Starting on October 25, 2025, Chile will implement new VAT regulations for low-value consignments. Non-resident taxpayers must register and remit VAT on goods valued at USD 500 and digital services. Businesses enabling sales to Chile, such as digital platforms, must also register. Imports up to USD 41 are currently exempt from tariffs and VAT. The tax agency confirmed the implementation will proce... Read more
Importance and General Situation of E-invoicing in UAE
Public
Other countries
Author: Ema Stamenković
Other countries
Author: Ema Stamenković
E-invoicing in the UAE supports a digital transformation, crucial for micro enterprises, enhancing compliance and efficiency. It streamlines business operations, reduces costs by up to 66%, and improves cash flow through quicker invoice processing. The phased implementation starts in Q4 2024 with ASP accreditation, leading to mandatory reporting by Q2 2026. Key technical requirements include OpenP... Read more
Saudi Arabia: ZATCA Sets Rules for 24th Group in E-Invoicing Rollout
Public
Other countries
Author: Ema Stamenković
Other countries
Author: Ema Stamenković
The ZATCA has set criteria for selecting establishments in the "Twenty-Fourth Group" for electronic invoicing integration. Notifications will go to those with VAT revenues over SAR 375,000 by June 30, 2026. The second phase includes linking systems to Fatura and issuing specific invoice formats. The first phase started on December 4, 2021, requiring taxpayers to stop using handwritten invoices and... Read more
The Growing Complexity of US Sales Tax on Services
Public
Other countries
Author: Ljubica Blagojević
Other countries
Author: Ljubica Blagojević
US sales tax traditionally applied to products, not services, but many states are expanding their tax base to include services—especially digital offerings like SaaS and ebooks. Services fall into four categories: business, personal, professional, and maintenance/repair. Five states have no sales tax, four tax services by default, and the rest tax only specifically listed services. Multi-state bus... Read more
South Africa Proposes Major VAT Reforms to Modernize Tax System
Public
Other countries
Author: Ljubica Blagojević
Other countries
Author: Ljubica Blagojević
South Africa’s 2025 draft TLAB and TALAB propose major VAT reforms to modernise the system and close compliance gaps. Key changes include extending intermediary rules to local suppliers, zero-rating silver exports and clinical trial services, exempting all basic education supplies (forcing some schools to deregister), removing low-value import thresholds, and tightening VAT registration with site... Read more
South Africa Releases VAT Draft to Advance E-Invoicing and Digital Reporting
Public
Other countries
Author: Ljubica Blagojević
Other countries
Author: Ljubica Blagojević
South Africa's National Treasury and Revenue Service introduces e-invoicing, e-reporting, and an interoperability framework to modernize the VAT system. On August 16, 2025, South Africa’s National Treasury and Revenue Service released a draft amending the VAT Law, introducing definitions for e-invoicing, e-reporting, and an interoperability framework to modernize the VAT system. E-invoicing... Read more